The joint venture plans to build the next generation of Smart-branded city cars at a purpose-built factory in China
A Smart Fortwo Cabrio Electic Drive car is plugged at a recharging station during the 87th International Motor Show at Palexpo in Geneva, Switzerland, on March 8 2017. Picture: REUTERS/ARND WIEGMANN
China’s Geely built a stake of almost 10% in Daimler last year, saying it wanted to forge an alliance to develop electric and self-driving cars to better compete with new companies such as Uber and Google. The high cost of electric-car batteries has made it hard for car makers to build affordable zero-emissions vehicles, leading several of them to strike alliances with Chinese partners.
Daimler and Geely did not disclose the financial terms of their deal. The details of the joint venture will be finalised by the end of 2019, they said in a joint press release.
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